Inc. (AMZN) is gearing up to open its second headquarters in the U.S. with a more than $5 billion investment slated for the effort.

The Seattle-based e-commerce giant said the headquarters will be home to as many as 50,0000 high paying jobs with projections that it will also create tens of thousands of additional jobs and tens of billions of dollars in investment in the surrounding community. The company estimated its investment in Seattle over the last six years resulted in an additional $38 billion for the city’s economy, with every dollar invested by Amazon generating 1.4 dollars for the city. The new headquarters is expected to be similar in size to it’s current 8.1-million-square-foot campus and house restaurants, cafes and other services. (See also: Amazon Hit With Irma Price-Gouging Complaints.)

And Now, HQ2, Too

“We expect HQ2 to be a full equal to our Seattle headquarters,” said Jeff Bezos, Amazon founder and CEO, in an announcement. “Amazon HQ2 will bring billions of dollars in up-front and ongoing investments, and tens of thousands of high-paying jobs. We’re excited to find a second home.” In its announcement the company said it expects to hire new teams and executives for the second headquarters and will let its existing senior level executives decide where to be located. Employees working in the current Seattle headquarters can choose to remain there or opt to work in the new location. (See also: Amazon No Real Threat to Big Retailers: Moody’s.)

The e-commerce giant is seeking proposals from both local and state government officials and is focused on cities that have more than 1 million residents. It also wants the headquarters to be located in an area that will lure high-tech workers and, more importantly, keep them in the area. The company also wants it located in a stable and business-friendly environment. According to The Washington Post, which is owned by Bezos, some of the criteria it is considering includes if the city provides tax exemptions and perks like relocation grants and fee reductions. “The initial cost and ongoing cost of doing business are critical decision drivers,” the company said in its request for proposals. “We want to encourage states and communities to think creatively for viable real estate options, while not negatively affecting our preferred timeline,” Amazon said in announcing the RFP.


Want to learn how to invest?

Get a free 10 week email series that will teach you how to start investing.

Delivered twice a week, straight to your inbox.